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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

No. 100 Fails

Partners Bank is 100th bank failure in 2009

Oct. 23, 2009

By staff

Bank regulators just seized a small Florida bank -- marking the 100th federally insured bank to fail this year. The tally for mortgage-related failures also reached a new milestone.

Partners Bank was shut down today by the Office of Thrift Supervision, according to a news release. The Naples, Fla., institution "was critically undercapitalized and in an unsafe-and-unsound condition to transact business," the OTS said.

The 18-employee bank was founded just four years ago.

The Federal Deposit Insurance Corporation, which was appointed receiver, sold "essentially all of" Partners' $66 million in assets as of Sept. 30 to Stonegate Bank -- which also assumed all of the failed bank's $65 million in deposits at par. Assets as of June 30 included $20 million in residential loans, $16 million in commercial mortgages and $12 million in construction-and-land-development loans.

The FDIC, which made no mention of any loss-sharing agreement, expects to lose $29 million on Partners' failure -- suggesting assets were acquired at a 44 percent discount.

"Partners Bank is the 100th FDIC-insured institution to fail in the nation this year, and the seventh in Florida," the FDIC said.

No. 101 was American United Bank in Lawrenceville, Ga., which was seized by the Georgia Department of Banking and Finance pursuant to the Official Code of Georgia, Section 7-1-150(a), and handed over to the FDIC. The code authorizes the department to "take possession of the business and property of any state-chartered financial institution whenever such financial institution is either insolvent or operating in an unsafe or unsound condition."

Essentially all of American United's $111 million in assets as of Aug. 11 were acquired by Ameris Bank, which also assumed all of the former bank's $101 million in deposits for a 1.02 percent premium. The FDIC agreed to a loss-sharing arrangement on $92 million of the assets.

The Deposit Insurance Fund is expected to be depleted by $44 million as a result of American United's failure.

Creative Financial Services recently shut down and left hundreds of files with personal information in publicly accessible trash bins, according to a report from the Associated Press. The company was located in Tampa, Fla.

In all, has tracked the closing of 170 mortgage-related operations during 2009 through 5 p.m. Central today.

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